The company repurchased 10,000 shares of $1 par common stock for a total of $500,000. The original
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The company repurchased 10,000 shares of $1 par common stock for a total of $500,000. The original selling price of these shares when they were initially issued was $8. Which ONE of the following should be included in the journal entry necessary to record therepurchaseof these shares?
CREDIT Cash for $500,000
DEBIT Common Stock at Par for $500,000
CREDEIT Treasury Stock for $500,000
DEBIT Paid-in Capital in Excess of Par for $500,000
DEBIT Retained Earnings for $500,000
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